SEC Grants Deutsche Bank WKSI Waiver After Guilty Plea

Law360, New York (May 4, 2015, 1:33 PM EDT) -- A divided U.S. Securities and Exchange Commission voted Friday to allow Deutsche Bank AG to keep its status as a well-known seasoned issuer, following last month’s $2.5 billion settlement in which a unit of the German lender also pled guilty to charges related to Libor manipulation.

Friday's decision lets Deutsche Bank and its subsidiaries to retain their privileges for automatic shelf registration of securities, allowing their registration statements and amendments to be automatically effective without waiting for staff review.

The commission's two Democratic members, Kara Stein and Luis Aguilar, voted against the relief.

"It is unclear to me how this waiver...

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